receipt not chargeable to tax.
6. Disallowance of investment allowance under section
32AC of the Act
6.1 The lower authorities have, in the facts ... clause a to the sub- section 1 of section 32AC , the
assessee is required to acquire and install the new asset after
3lst March
production' and
'new asset' used in sub-section(1) of section 32AC of the Act.
5. In respect of issue ... 2020 (A.Y.2017-18)
A bare perusal of sub-section (1) to section 32AC would show that the assessee would
be eligible for claiming
assessee in the context of section 32(1)(iia) of the Act is clearly
applicable to section 32AC also since the wordings used in both ... that section 32AC is a new section and
hence there is no judicial precedent directly. Provisions of section
32AC are clearly states that the deduction
additional depreciation u/s 32(1)(iia) whereas the
instant case is related to claim of investment allowance u/s
32AC ... with
respect to addition u/s 32(1)(iia) , whereas the instant case is related to
the claim u/s 32AC
deduction of additional depreciation
claimed u/s 32(1)(iia) and investment allowance claimed u/s 32AC .
During the year under consideration, the appellant ... denying the claim of additional depreciation
u/s 32(1)(iia) and for investment allowance u/s 32AC
u/s.
143(3) of the Act was passed by the A.O. dated 17.12.2019, by making disallowance of
deduction claimed u/s. 32AC ... assessee has controverted the same by its submission that
section 32 and section 32AC(1A) of the Act are both independent of each other
stated that in respect of the claim of deduction
under section 32AC of the Act, the petitioner fled the
requisite details of `plant and machinery ... observed that
the petitioners' claim of deduction under section 32AC and
Shraddha Talekar
Assessing Officer has grossly erred not allowing
additional claim of deduction u/s 32AC of Rs. 40,30,472/-. The Ld.
CIT(A) has erred ... allowing the claim of deduction u/s 32AC .
2. On the facts and in the circumstances of the Respondent's case, in
view
Income Tax Act,1961
and investment allowance u/s 32AC disallowed and confirmed by
him, as per the grounds stated in the order or otherwise ... additional
depreciation u/s 32 (1 )(iia) of the Act and not allowing deduction
for investment allowance u/s 32AC of the Act. Since
32AC .Thus,20% of additional depreciation u/s 32(1) (iia) and
15 % of investment allowance u/s 32AC of the IT Act claimed ... circumstances, the allowance of additional depreciation u/s 32(1)(iia) of the Act,
investment allowance u/s 32AC of the Act and expenses claimed
